Restructuring Leader Leaves UBS

The head of restructuring at UBS has left the investment bank and may be joining the Aurora Capital Group, according to reports.

Steven Smith departed the group shortly after it was combined with the leveraged fiancé group. He is reportedly in negotiations with Los Angeles-based Aurora. UBS and Aurora representatives were not immediately available for comment.

UBS is in the midst of a large overhaul that will see it reduce the size of its investment banking group. The Zurich-based bank announced in August it would reduce its staff by approximately 3,500.